The lucky winner will get the money divvied up over 40 yearly payments of $25 million or in one $500 million lump sum. Sadly, if more than one person wins, they’ll have to split the $1 billion. Don’t you hate when that happens?

Buffett says he’s excited to join this American tradition:

Millions of people play brackets every March, so why not take a shot at becoming $1 billion richer for doing so? While there is no simple path to success, it sure doesn't get much easier than filling out a bracket online.”

As if the chance to become a billionaire isn’t incentive enough, the 20 people who have the most accurate, but not perfect, brackets will win $100,000 apiece.

Registration got underway on March 3. All entrants must be at least 21. Only the first 10 million people who sign up can participate. And with $1 billion on the line, 10 million brackets will probably be filled out quicker than the time it takes to tell your boss, "I quit!"